Recent trading activities in the agricultural commodities market show an increase in wheat and corn prices, with wheat reaching its highest level since February 2023. Soybean trades out of the US have hit new highs for June and July shipments, while soybean farmer selling in Brazil has improved. Funds have been selling corn contracts but buying wheat contracts. Market experts note a bullish trend in wheat, with prices flirting around $7.00 and a potential move to $7.15. Corn prices are also on the rise, with a 0.8% increase reported. Weather-related factors continue to impact corn, soy, and wheat prices.
Highs today were right at that $7.15 implied move on the bull flag we had been mentioning 🌾 🎯 Long term still think wheat has crazy potential. But this is a great spot to do something especially for those that will have to move stuff soon or off the combine and/or need cash.… https://t.co/TYgyuFPCJd
MORNING MARKET REVIEW: Weather markets reign supreme. Corn, soy, and wheat all inch higher amid global weather turmoil. Today's commentary: https://t.co/x1O0077u4I ✅ Sign up for daily market newsletters from the Farm Futures team: https://t.co/kzR9IrUgwh https://t.co/eZggEKhltY
Soybean farmer selling in Argentina may slow down. Soybean FS in Brz lost momentum in the last few days. FS in Apr closed with a weekly average of 3.3 Mi tons. Early May was strong too, avrg 3.1 Mi t in the first two weeks. Last week dropped to 2.3 million, and this week is even… https://t.co/IzCswj8pH2
Gap higher in MATIF U24 #wheat & the highest trade since Feb 2023 encouraging low volume trade overnight in HRW & SRW 🇺🇸 mkts. Momentum & trend remain friendly. 🌾 https://t.co/64QueIMspG
CORN: inflating another +0.8% for us this morning (Wheat is +2%) https://t.co/fa1BPMnOVR
Corn looks like it's getting ready to make its next move higher 🌽 https://t.co/7mNNSj1yba
Big money continues pouring into wheat Bull flag breakout still looks strong. Flirting with $7.00 Highest levels since last August Sitting right at the “golden” 61.8% retracement from last summers highs Implied move for bull flag still pegs us around $7.15 Not a bad spot to… https://t.co/fXz7Maia8I https://t.co/4rReYWI1j3
There's that push higher in wheat 😉 https://t.co/wIQ3ygUnZS https://t.co/pJNt8Q3cQk
Cash highlights: Soybean Trades reported out of the US (PNW), 6 to 8 cargoes. Rumors that EU is buying good volumes of corn in the US. These trades out of the PNW put some pressure on Brz Fob levels. Trades for July in Paranaguá 10 cents lower from the peak.
Funds were est sellers of 3500 #corn, buyers of 3500 #wheat, sellers of 4500 #soybeans, 2500 #soymeal, & 1500 #soyoil contracts in today’s trade. 🌽🌱🌾
Wheat pushing higher, corn following...
Soybean trades out of the US. Trades reported in the CFR China market last night at new highs for June and July shipments. No soybean export licenses were issued in Argentina. Soybean Farmer selling in Brazil was better ystd (800-900k tons) and corn is still very slow – the… https://t.co/k0d1S3aGwa
Jul24 #wheat v Jul24 #corn spread highest since Nov 2022. 🌾🌽 https://t.co/zXj6HswZR3